CMIE revises GDP forecast to 8.2%
Mumbai: Centre for Monitoring Indian Economy (CMIE) has increased its real gross domestic product growth forecast to 8.2 per cent in its latest monthly review. Its earlier forecast was 7.4 per cent. The revision is warranted by a higher than expected rise in the services sector in the first half of 2003-04. The forecast for the industrial sector has also been revised upwards to 6.1 per cent. The forecast for agriculture, however, remains unchanged at 10.7 per cent.

The impact of the recovery in agriculture would be seen essentially in the second-half of the year. In the first-half, agriculture grew by 4.1 per cent. Prospects for rabi crop look bright, according to a CMIE statement. Rabi sowing as of end-December was 11 per cent higher than the year-ago level. Water storage in the major reservoirs was 24 per cent higher. CMIE sees acceleration in the industrial sector in the second-half. Steel and auto sectors would continue to perform well, while fertilisers, chemicals and textiles would improve. Within the services sector, CMIE sees trade, hotels, transport and communication performing exceptionally well. This sector is expected to grow by 10.5 per cent in 2003-04.
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Coal workers get 15% interim relief
Kolkata: The employees of coal companies will get 15 per cent more in basic salaries as an interim relief effective 1 January 2004, Coal and Mines Minister Mamata Banerjee said. Banerjee, flanked by coal secretary P K Mishra and Coal India Ltd (CIL) chairman Shashi Kumar, made this and other announcements following her meeting with leaders of the central trade unions, says a report. These announcements were Banerjee's first since she became the coal minister earlier this month.

The interim relief would form a part of the seventh round of wage negotiations with the Joint Bipartite Committee on Coal Industry (JBCCI). Employees of the government-owned Singareni Coalfields Ltd will also get this benefit. But as for the employees of the mines under Steel Authority of India Ltd, Tata Iron & Steel Co and Indian Iron & Steel Co, the issue will have to be discussed with the respective authorities.
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